17. SUBSEQUENT EVENTS

On February 20, 2026, the U.S. Supreme Court issued a decision in Learning Resources, Inc. v. Trump, holding that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the imposition of certain tariffs. As a result, tariffs assessed pursuant to IEEPA since early 2025 were determined to have been unlawfully collected. Following the Supreme Court’s decision, the U.S. Court of International Trade (“CIT”) issued orders directing U.S. Customs and Border Protection (“CBP”) to cease collection of the IEEPA tariffs and to take steps toward refunding certain tariffs previously paid by importers. The CIT’s orders are subject to further proceedings, potential appeals, and the implementation of administrative refund procedures by CBP.

As of the date these financial statements were available to be issued, the Company had not received any tariff refunds and no amounts related to potential refunds have been recorded in the accompanying financial statements. The Company is evaluating available information and monitoring developments related to the ongoing litigation and CBP’s refund process. Due to the uncertainty regarding eligibility, timing, and the final resolution of tariff refund related administrative matters, the Company is unable to reasonably estimate the likelihood, amount or timing of any potential refunds.